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Friday, July 14, 2006

Pre-Market Notes (July 14, 2006)

S&P FAIR VALUE +$2.69

(ALL) Allstated positive article in Business Week.(AMGN) Amgen has had its offices in Germany reportedly searched by police.(ANF) Abercrombie & Fitch positive in Business Week.(BCSI) Blue Coat Systems delays quarterly report over a stock options review.(BGP) Borders Group down 15% after saying losses would be wider than expectations and naming new CEO.(BKUNA) Bank United $0.62 EPS vs $0.56e.(BLKB) Blackbaud said earnings would slightly exceed prior guidance.(BP) BP has reportedly been allocated $1 billion worth of shares in Roseneft IPO.(BPOP) Bano Popular $0.34 EPS vs $0.37e.(BRM) Broadcom is down 2% pre-market aftersaying its expects $700+ million in charges related to options inquiries.(CTAS) Cintas $0.55 EPS vs $0.54e.(DHI) DRHorton posted an earnings warning saying EPS would be $0.93 instead of $1.30e.(DJ) Dow Jones is reviewing operations to see where they can make cuts.(EMC) EMC reports $0.12 EPS as expected after already warning; stock down 1%.(ERES) eResearch lowered guidance.(ESIO) Electro Scientific $0.20 EPS vs $0.17e.(FUL) HBFuller approved 2 for 1 split/(GE) General Electric $0.47 EPS vs $0.47e & revenues $39.9 Billion versus $39.5 billion est; maintained 2006 targets and sees Q3 $0.48-0.50.(GM) GM has its awaited meeting with Renault/Nissan over an alliance today.(GOOG) An antitrust suit brought against Google by advertiser Kinderstart was dismissed.(HPC) Hercules said a court ruling went against the company in a $119.3M judgement.(IFIN) Investors Financial $0.59 EPS vs $0.57e.(PETC) Petco gets a $1.8 billion offer from Texas Pacific, valued at $29.00 per share.(PETM) Pets Mart is one to watch after the PETC buyout.(RCKY) Rocky Brands said they would have losses in Q2 instead of gains.(SIVB) SVB lowered EPS targets on an $18.4 million goodwill pre-tax charge.(SPWR) SunPower announced it is acquiring another building for a 40,000 square foot manufacturing facility.(SUG) Southern Union may be takeovercandidate in Business Week.(VEH) Valero Group Holdings 17.25 million share IPO priced at $2.00, at the low-end of a $22.00 to $24.00 range.(YHOO) Yahoo! may be partnering with somelocal papers for content including classifieds and local news.

Analyst Calls:AACC cut to Underperform at Bear Stearns.AAI started as Outperform at CSFB.AMH cut to Mkt Perform at KBW.AMR started as Outperform at CSFB.BGP cut to Neutral at Deutsche Bank.BIDU raised to Outperform at Piper Jaffray.BKI raised to Buy at Citigroup.CAT started as Outperform at CSFB.CNP raised to Buy at Jefferies.ECA cut to Mkt Perform at FBR.ENER started as Outperform at CIBC.ESLR started as Mkt Perform at CIBC.FRX raised to Buy at Jefferies.IP raised to Buy at Citigroup.INTC lowered estimates at JMP Securities.JBLU started as Outperform at CSFB.LCC started as Outperform at CSFB.MNI raised to Neutral at Prudential.MNST raised to Buy at Citigroup.PCL cut to Underweight at Lehman.RCKY cut to Neutral at Baird.S reitr Buy at B of A.SSCC raised to Equal Weight at Lehman.SFC cut to Neutral at B of A.SPWR started as Mkt Perform at CIBC.STP started as Outperform at CIBC.TOC raised to Sector Perform at CIBC.UDR started as Peer Perform at Bear Stearns.WFR started as Outperform at CIBC.WXS raised to Buy at Merrill Lynch.

BOJ raised interest rates for first time in 6 years in an end to halt the Zero Percent interest rates; rates wemnt from 0.0629% to 0.25%; mostly anticipated.